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Daily Archives: 6th September 2020

6th September 2020

🗞️ Gravity Will Get You Down

iTraxx Main

53.4bp, +1.2bp

iTraxx X-Over

325.9bp, +2.6bp

🇩🇪 10 Yr Bund

-0.47%, +2bp

iBoxx Corp IG

B+124bp, +0.5bp

iBoxx Corp HY

B+452bp, unchanged

🇺🇸 10 Yr US T-Bond

0.72%, +4bp

🇬🇧 FTSE 100

5860.28, (+1.29%)
🇩🇪 DAX

12645.75, (+0.82%)
🇺🇸 S&P 500

3465.39, (+0.34%)

Resistance proves futile…

Up by the stairs. Down by the elevator. A sharp drop in equities in last week’s final couple of sessions left tech investors trudging through the trenches, and it must have felt like armageddon for some. It’s not. Some sections of the markets had gotten ahead of themselves.

Our view remains the same; The trend is still for risk asset prices to rise. US markets were always going to let off some steam, and what came into view was the price level of the tech sector. Everything else didn’t quite follow to the same extent as those particularly large falls observed in US markets. Credit certainly didn’t. Spreads have actually displayed commendable stability. And primary is still functioning.

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